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Gold prices sank yesterday following news that U.S. employers stepped up hiring last month.

Gold for August delivery fell $10.30 to settle at $1,320.60 an ounce. Silver dropped 17 cents,
to $21.14 an ounce.

The Labor Department said employers added 288,000 workers to their payrolls last month. The news
sank gold prices, because higher economic growth leads traders to speculate that the Federal
Reserve could raise interest rates sooner than expected. Higher interest rates tend to sap demand
for precious metals and lure traders into investments that pay income, such as bonds.

Copper for September climbed 1 cent to settle at $3.28 a pound yesterday. That’s the highest
price for the metal since Feb. 21, according to FactSet.